National Australia Bank has warned new laws that cut tax rates for foreign investors in build-to-rent housing are no silver bullet fix and will do little to overcome roadblocks such as high state taxes and construction costs.
While last week’s legislation halving the impost for offshore investors was “definitely positive”, it was not enough by itself to draw more foreign capital into the sector, NAB chief executive Andrew Irvine told The Australian Financial Review.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
